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honestymeansnothing

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About honestymeansnothing

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  1. I have just found this on the HMRC Website, which confirms what I have been told The annual declaration asks for details of income for the tax year just passed. For example, for an award made in 2007/08, you must give income details for the tax year 2007/08 in the annual review that takes place in the summer of 2008. The Tax Credit Office, in the initial decision at the beginning of the year, usually bases the award on income in the previous tax year (the exception to this is where you are on income support or income-based jobseekers allowance, when your income is treated as nil). For example, for an award made in 2008/09, the initial award is based on income in 2007/08. Following the annual review, the final award may either continue to be based on income in the previous tax year or switch to income in the year of the award. The rules say that you use the previous year’s income as the basis for a tax credit award unless: income in the year of the award is lower, in which case it switches to income in the year of the award, or income in the year of the award exceeds the previous year’s income by more than £25,000, in which case income in the year of the award minus £25,000 is used This means that I am expecting a overpayment of roughly arond £3.7k and I am unsure as to how they expect to take all of that back within 17weeks!! without us suffering servere financial hardship! My award of this year will stay the same as advised, but weekly amounts reduced to compensate the overpayment!!
  2. HI I too have received a letter detailing almost the same I tell TC everything that happens even the tiniest of changes as it is to my benefit doing so, the only overpayments I have ever had is what the TC office hve done and when a change has been paid and they messed it up but minor so I have gone with it to save hassle, Anyway today I received a letter like yourself but my diffrence in income is 5363 they have it as more, I gave them less, the only benefit to me is that I told them that my partners was based on estimate and not exact because he to date still has not received any form of p60's pr his P45 from his previous employers, I also told them that I got his weekly amount that he bought home and x's it by 52 to give me my figure, when telling them this, they are happy to take this, this has been explained to the very helpful guy I spoke to earlier, I have been told that the period was for 08-09, this has no effect on your current award! It simply results in an overpayment which they try to recover within the 09-10 year, so basically they will try and take the overpaymetn out weekly over the 17 weeks that are left! My parnters income too has dropped dramatically and again, the advisor told me that this will reflec tin ur current reward, however they will take this figure into next years award so tell them immediately should it go up, which I awlays do My concern was also that they would take the higher income in accoutn for my current reward but they dont because when you change ur award it gets assessed on your current income, my partners income has been dropping loads recently and I have been ringing them monthly to inform them of any change! Therefore I know my payments will drop, like you I have 5 children, I do rely on my TC, however I have been assured as I was getting VERY stressed by it all, that my weekly pay back amounts will be no-where near £50, this has reassured me a little however I am still concerned as to what my payments will be and whether something changes them drammatically I still being told that my current award stays as it is, other than the amount that they take off each week for the previous years overpayment, because my situation has not changed for it to be reduced! Again any advice from anyone that knows would be great Currently my income was 5k less to what TC have been given, all I want to know is how much of a Overpayment this produces!? Also it could also mean that my partner was not getting enough WTC because he was working 51 hours a week!! Who knows!!
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